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The maximum theorem provides conditions for the continuity of an optimized function and the set of its maximizers with respect to its parameters. The statement was first proven by Claude Berge in 1959. [1]
Statements consisting only of original research should be removed. ( March 2018 ) ( Learn how and when to remove this message ) The whole of neoclassical equilibrium analysis implies that Say's law in the first place functioned to bring a market into this state: that is, Say's law is the mechanism through which markets equilibrate uniquely.
Total economic profit is represented by the area of the rectangle ¯. The optimum quantity ( Q {\displaystyle Q} ) is the same as the optimum quantity in the first diagram. If the firm is a monopolist , the marginal revenue curve would have a negative slope as shown in the next graph, because it would be based on the downward-sloping market ...
In the quest to find great investments, most investors focus on earnings to gauge a company's financial strength. This is a good start, but earnings can be misleading and incomplete. To get a ...
A maxim is thought to be part of an agent's thought process for every rational action, indicating in its standard form: (1) the action, or type of action; (2) the conditions under which it is to be done; and (3) the end or purpose to be achieved by the action, or the motive. The maxim of an action is often referred to as the agent's intention.
De gustibus non est disputandum, or de gustibus non disputandum est, is a Latin maxim meaning "In matters of taste, there can be no disputes" (literally "about tastes, it is not to be disputed"). [ 1 ] [ 2 ] The phrase is commonly rendered in English as "There is no accounting for tastes" [ 3 ] or "for taste".
The pragmatic maxim, also known as the maxim of pragmatism or the maxim of pragmaticism, is a maxim of logic formulated by Charles Sanders Peirce.Serving as a normative recommendation or a regulative principle in the normative science of logic, its function is to guide the conduct of thought toward the achievement of its purpose, advising on an optimal way of "attaining clearness of apprehension".
Keynes's interpretation is rejected by many economists as a misinterpretation or caricature of Say's law — see Say's law: Keynes vs. Say — and the advocacy of the phrase "supply creates its own demand" is today most associated with supply-side economics, which retorts that "Keynes turned Say on his head and instead stated that 'demand ...